Agenda - Council - 12/13/1994 - Laserfiche WebLink

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Draft 12/8/94 not cancel nor mpdify it in such a way as to reduce the coverage provided below the amounts required herein without giving written notice to the Developer and the City at least thirty (30) days before the cancellation or modification becomes effective. In lieu of separate policies, the Developer may ~aintain a single policy, blanket or umbrella policies, or a combination thereof, having the coverage required herein, in which event the Developer shall deposit with the City a certificate or certk'ficates of the respective insurers as to the amount of coverage in force upon the Minimum Improvements. (c) Thk Developer agrees to notify the City immediately in the case of damage exceeding $100,0~0 in amount to, or destruction of, the Minimum Improvements or any portion thereof resulting ~rom fire or other casualty. In such event, the Developer either will forthwith repair, reconstruct and restore the Minimum Improvements to substantially the same or an improved conditicln or value as it existed prior to the event causing such damage and, to the extent necessary to accomplish such repair, reconstruction and restoration, the Developer will apply the Net Proceeds of ',~y insurance relating to such damage received by the Developer to the payment or reimbursement of [he costs thereof. The Developer shall complete the repair, reconstruction and restoration of the Minimum Improvements, w~ether or not the Net Proceeds of insurance received by the Developer for such purp.oses are sufficient to pay for the same. Any Net Proceeds remaining after completion of such repmrs, construction and restoration shall be the property of the Developer. (d) ThOr Developer and the City agree that all of the insurance provisions set forth in this Article V shall terminate upon the termination of this Agreement. Page 11